Sienna Senior Living Announces $150 Million Series D Debenture Offering
MARKHAM, Ontario — Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) plans to issue $150 million in aggregate principal amount of Series D senior unsecured debentures. Issued at par and carrying a fixed interest rate of 4.436% per annum, the debentures are scheduled to mature on a specified date in 2029. The offering underscores Sienna’s focus on a resilient balance sheet and steady access to capital as it continues to operate and invest with discipline.
Details of the Offering
The offering is structured to bolster Sienna’s liquidity so the Company can meet obligations with confidence while maintaining room to pursue growth. The debentures will be offered on a best-efforts agency basis by a syndicate of agents. BMO Nesbitt Burns Inc., TD Securities, and CIBC Capital Markets will act as joint lead agents and bookrunners, coordinating the process alongside the broader group of agents. In short: a coordinated effort, designed to be efficient and straightforward.
Use of Proceeds
Sienna intends to use the net proceeds to repay existing indebtedness and for general corporate purposes. Paying down debt supports day-to-day flexibility; funding corporate purposes keeps operations moving and allows the Company to prioritize what matters most—running its communities well.
Closing Conditions
Closing is expected to occur subject to customary conditions. A key condition is a “BBB” rating with a “Stable” trend from Morningstar DBRS, which would affirm the Company’s credit standing for this issuance. With those conditions met, the offering can proceed to completion on the expected timeline.
About Sienna Senior Living
Sienna Senior Living Inc. (TSX: SIA) provides a range of senior living options, including independent living, assisted living, and specialized memory care through its Aspira retirement brand. The Company employs approximately 12,500 team members who work to foster daily happiness and well-being for residents. Sienna’s growth-minded approach is designed to help it navigate changing market conditions while keeping residents’ needs at the center of its work.
Commitment to Quality Care
Alongside its financing plans, Sienna emphasizes quality care and everyday support. The Company continues to explore programs and services that can enhance residents’ experiences—focused on safety, comfort, and the small routines that make a place feel like home. Financial stability and resident care move together here; one supports the other.
Frequently Asked Questions
What is the size of Sienna’s debenture offering?
The offering totals $150 million in aggregate principal amount of Series D senior unsecured debentures.
What interest rate do the debentures pay?
The debentures carry a fixed interest rate of 4.436% per annum and will be issued at par.
When do the debentures mature?
The debentures are set to mature on a specified date in 2029.
How will Sienna use the proceeds?
Proceeds are expected to be used to repay existing indebtedness and for general corporate purposes, supporting liquidity and operational needs.
Who is leading the offering, and what rating is required to close?
BMO Nesbitt Burns Inc., TD Securities, and CIBC Capital Markets are joint lead agents and bookrunners on a best-efforts agency basis. Closing is conditional on a Morningstar DBRS rating of at least “BBB” with a “Stable” trend.
